Valvoline Inc. announced on April 11, 2025, that it received a Request for Additional Information and Documentary Material, known as a 'Second Request,' from the U.S. Federal Trade Commission (FTC). This request is part of the FTC's regulatory review of Valvoline's proposed acquisition of Breeze Autocare from Greenbriar Equity Group. The Second Request extends the waiting period under the Hart-Scott-Rodino Antitrust Improvements Act of 1976.
The waiting period will now extend until 30 days after both Valvoline and Greenbriar have substantially complied with the FTC's requests, unless the period is voluntarily extended or terminated sooner. Valvoline stated its commitment to working constructively with the FTC to facilitate the closing of the transaction as soon as possible. The company continues to expect the acquisition to close in the second half of fiscal 2025.
This regulatory action introduces a potential delay and additional scrutiny for the $625 million acquisition, which was announced in February 2025. While Valvoline maintains its expectation for closing within the fiscal year, the Second Request indicates a more in-depth antitrust review by the agency. The outcome of this review could impact the timing and terms of the deal.
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